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Goods & Services Tax

Registration

From 1st July, 2017 Goods and Services Tax will replace Central and State level indirect taxes like VAT, Service tax, Excise etc. Businesses that are registered under VAT or Service Tax need to migrate to Goods & Services tax as per the enrollment plan of State Governments. It is applicable to you if your annual turnover is Rs. 20 lakh or above. In case of North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura) and hilly regions i.e. Himachal Pradesh, Uttarakhand, Jammu & Kashmir and Sikkim, the threshold limit is Rs. 10 lakh. Read our articles to understand more about registration process, its applicability and rules.

Invoice

Invoice is issued on every sale/purchase. The invoice contains S.No., details of the product such as product name, description, quantity, etc along with the details of supplier, purchaser, tax charged and other particulars such as discounts, terms of sale etc. Every business is required to furnish a GST invoice as per the new law. Find out all the details your invoice must have through our articles on the topic.

Transition to GST

All existing Central Excise and Service Tax assessees and VAT dealers will be migrated to GST. To migrate to the new tax system, assessees would be provided a Provisional ID and Password by CBEC/State Commercial Tax Departments. Learn more about the process. All businesses plan your transition into the new Goods & Services Tax regime with our guides available here and make a smooth transition. Find out how you can carry forward your input tax credit from existing tax regime to GST. Read all about the transition provisions in our articles.

Accounts and Record

Our guides will help you determine all compliance requirements related to business accounting. Here you will find the list of accounts required to be maintained under Goods & Service Tax. You will also find an article on bookkeeping with the accounting entries required to be passed.

GST Returns

A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the Goods & Services Tax law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS). Use our expert guides to understand how to file various returns under Goods and Services Tax for your business.

Payments and Refunds

Refer our guides to understand various provisions and laws related to payment, refunds and settlement of Goods and Services Tax. All payments & refunds will be made online through the electronic ledgers. You will also find a list of the electronic ledgers which will be maintained on Goods & Services Tax portal.

Input Tax Credit

Goods and Services tax allows businesses to claim input credit on the taxes paid on the purchases at the time of paying tax on output, you can reduce the tax you have already paid on inputs. It means that if you are a manufacturer, supplier, agent, e-commerce operator, or aggregator then you are eligible to claim input credit for tax paid by you on your purchases. Learn everything about the Input tax credit under the Goods and Services tax regime.

Composition Scheme

Composition scheme is available for tax payers whose turnover is not more than 50 Lakhs. Under this scheme the taxpayer need not maintain every record that is required under Goods & Services tax and he has to pay tax at the specified rate on the total turnover of the month. Learn about the advantages, drawbacks, transition provisions and conditions to be eligible for the composition scheme in the articles of this section.

GST Procedure

Read our guides on various procedures defined under the Goods and Services tax law related to audit, advance ruling and related aspects. You will pay Goods & Services Tax through self-assessment. Read about provisions of self-assessment and other types of assessments (done by tax authorities). Find out about advance ruling when you are confused regarding the applicable rate of tax or valuation of supply.

Time, Place and Value of Supply

Under Goods and Services Tax, it is critical to determine the term “Supply”. There are three important factors to determine the Supply under Goods and Services Tax viz., Place of Supply of Goods/Services, Time of Supply of Goods/Services, Value of Supply of Goods/Services. These three factors determine whether the Product/Service is taxable or not. Refer our guides to understand the concept of Time, Place and value of Supply under Goods & Services Tax.

Penalties and Appeals

Avoid penalties and prosecution under the Goods & Services Tax regime. Learn about the various offences under Goods and Services tax to avoid them. Learn about various penalties that can be levied and scenarios for prosecution under the Goods & Services Tax. Read about the inspection provisions. Remember to carry the prescribed documents while transporting goods as they can can be intercepted and inspected.